‘The mid-term growth potential of EVs and neomagnets could drive demand for rare earth elements to levels never seen before. Obtaining secure and sustainable production outside China must be front and centre in the thoughts of end-users.’ Dr Ryan D Long, Edison mining analyst
Why do electric vehicles need rare earth elements?
Around 73% of rare earth elements are used in mature industries, including glass, ceramics and metallurgy. The remaining 27% are used in the production of neomagnets, which are essential components in electric vehicles (EVs).
Rainbow Rare Earths Ltd (LON:RBW) is a mining company focussed on production from, and expansion of, the high grade Gakara Rare Earth Project in Burundi, East Africa. With in-situ grades in the range of 47-67% Total Rare Earth Oxide (TREO), Gakara is one of the world’s richest rare earth deposits.